Ethereum’s price has been on the rise, nearing the $4,000 mark as the bulls aim for a surge. The cryptocurrency recently reached a new multi-month high above $3,880 and is currently in a consolidation phase. Ethereum is trading above $3,700 and the 100-hourly Simple Moving Average, indicating a positive trend. There is a short-term bullish flag pattern forming with resistance at $3,850 on the hourly chart, suggesting a potential increase if the resistance zone is cleared.
In terms of resistance levels, the first major resistance is around $3,880, followed by $3,920. If Ethereum manages to break through the $4,000 level, it could rally further towards the $4,080 resistance. Any additional gains may lead to a test of $4,120.
However, if Ethereum fails to surpass the $3,850 resistance, it could experience a downside correction. The initial support level is around $3,740, followed by the $3,650 zone. Further support could potentially be found at the $3,550 zone or the 50% Fib retracement level.
Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 level.
It’s important to note that this information is provided for educational purposes only and does not represent financial advice. Conduct your own research and consider the risks before making any investment decisions.